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Buhari Insists: “No going back on fuel, electricity tariff hike”.
Nigeria’s President, Muhammadu Buhari on Monday said there is no going back on fuel and electricity tariff hike in the country.
Buhari, who spoke at First year Ministerial Performance Review Retreat, at the State House Conference Centre, Abuja, said regrettably, government could not go back on its decision to deregulate the petroleum sector and allow the forces of demand and supply at the international level to dictate the prices of Premium Motor Spirit.
The president, who was represented by Vice President Yemi Osinbaj said the COVID-19 pandemic, had led to a severe downturn in the funds available to finance its budget and had severely hampered government’s capacity to deliver, saying that one of the steps taken at the beginning of the crisis in March when oil prices collapsed at the height of the global lockdown, was the deregulation of the price of premium motor spirit (PMS) such that the benefit of lower prices at that time was passed to consumers.
“This was welcome by all and sundry. The effect of deregulation though is that PMS prices will change with changes in global oil prices. This means quite regrettably that as oil prices recover we would see some increases in PMS prices. This is what has happened now. When global prices rose, it meant that the price of petrol locally will also go up,” he said.
According to Buhari, there were several negative consequences if government should even attempt to go back to the business of fixing or subsidizing PMS prices.
“First of all, it would mean a return to the costly subsidy regime. Today we have 60% less revenues, we just cannot afford the cost. The second danger is the potential return of fuel queues – which has, thankfully, become a thing of the past under this administration.
“Nigerians no longer have to endure long queues just to buy petrol, often at highly inflated prices. Also, as I hinted earlier, there is no provision for fuel subsidy in the revised 2020 budget, simply because we are not able to afford it, if reasonable provisions must be made for health, education and other social services. We now simply have no choice,” he said
The president assured that government was extremely mindful of the pains that higher prices meant at this time, and that government did not take the sacrifices that all Nigerians had to make for granted.
News
Opposition Coalition Hardens Stance Against INEC Following Massive Abuja Demonstration
Following an anti-INEC protest in Abuja, leaders of the African Democratic Congress (ADC) held a closed-door meeting with top figures from the Peoples Democratic Party (PDP) to discuss the electoral body’s recent refusal to recognize the ADC’s new leadership.
Among those present at the meeting are Senator David Mark, National Chairman of the ADC, former Vice President Atiku Abubakar, former Kano Governor Rabiu Musa Kwankwaso, Presidential candidate of Labour Party, (LP) in the last election, Peter Obi.
Others are former Attorney-General of the Federation, Abubakar Malami, former Secretary to the Government of the Federation, Babachir Lawal, Former Rivers State Governor Rotimi Amaechi and Senator Aminu Tambuwal among others.
On the side of the PDP, are Oyo State Governor Seyi Makinde, factional National Chairman Turaki, Professor Jerry Gana, former Senate President Adolphus Wabara, former Niger State Governor, Babangida Aliyu, and other members of the National Working Committee, of the PDP.
News
Dangote Refinery Denies Fuel Price Hike, Maintains Current Rates
Dangote Petroleum Refinery & Petrochemicals has officially denied reports of a new fuel price hike, affirming that its current pricing structure remains stable.
A company source confirmed that the refinery is maintaining its existing rates to ensure market stability and steady product availability.
The company confirmed that its pricing structure remains intact, with the gantry price at N1,200 per litre and the coastal price at N1,153 per litre.
“We are maintaining our existing price and have not implemented any new pricing for our customers,” the source said.
The source added that the refinery remains focused on ensuring the steady availability of refined petroleum products across Nigeria and the wider African market, reinforcing its role in supporting supply stability.
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Sterling Bank Deepens Commitment to Women Entrepreneurs with OneWoman Financing Dialogue
Sterling Bank, through its women focused initiative, OneWoman, convened a powerful gathering of women entrepreneurs, development finance institutions, ecosystem leaders, and business stakeholders at the Funding Her Future Breakfast Dialogue in Lagos.
The session brought together voices from across sectors for a focused and necessary conversation on how to unlock more inclusive and effective financing pathways for women led businesses in Nigeria.
At its core, the dialogue was not just about access to capital. It was about building the right systems around women entrepreneurs. Conversations explored how financing, business readiness, ecosystem support, and institutional partnerships must come together to drive long term growth and resilience.
Speaking at the event, the Managing Director and Chief Executive Officer of Sterling Bank, Abubakar Suleiman, noted that the gathering was designed to move beyond intention and into action.
“Today is about going further. It is about turning shared belief into shared action,” he said.
In his welcome remarks, delivered on his behalf by the Chief Growth Officer, Edward Ogunmekan, Suleiman described the dialogue as a meeting point of finance, enterprise, inclusion, and sustainable economic growth.

From L-R: Akporee Idenedo, Divisional Head, Commercial Banking, Sterling Bank; Ezinne Nwokafor, Head, OneWoman Initiative, Sterling Bank; Thelma Luke Nwoye, Group Head, Business Finance, Sterling Bank; ‘Solape Akinpelu, CEO/Founder , HerVest; Edward Ogunmekan, Chief Growth Officer, Sterling Bank at the OneWoman Gender Lens Breakfast Dialogue held at The Wheatbaker Hotel, Ikoyi recently.
“We are honoured to host such a distinguished gathering of partners, investors, women entrepreneurs, and business leaders, all brought together by one important question. How do we expand access to meaningful finance for women-led businesses in a way that is scalable, sustainable, and commercially sound?”
He explained that the conversation reflects a long- standing conviction at Sterling that real prosperity is built by backing people, ideas, and sectors with strong potential. This belief, he noted, is what gave rise to the OneWoman initiative.
According to him, OneWoman was created to support women through three key pillars which are capital, capacity, and community.
He added that while access to finance is critical, it is only one part of the equation.
“Women-led businesses need the right support systems, the right networks, and the right ecosystem to grow with confidence and scale with resilience,” he said.
The event also featured two panel sessions with representatives from funding institutions, women focused organisations, entrepreneurs, and ecosystem partners. These conversations provided practical insights into financing opportunities available to women, while also examining the broader support systems required for sustainable growth.
Also speaking at the event, Ezinne Nwokafor, Head of the OneWoman Initiative, highlighted the urgency of addressing the financing gap facing women in Nigeria.
She noted that a significant majority of Nigerian women remain excluded from formal credit, with only a small percentage able to access structured financing. Despite improvements in financial inclusion, women continue to face systemic barriers that limit their ability to secure funding.
Nwokafor pointed out that women account for a substantial share of micro, small, and medium enterprises and contribute meaningfully to the economy, yet face a financing gap estimated at 42 billion dollars (USD) annually according to the International Finance Corporation.
She also referenced data showing that more than half of women led businesses identify access to finance as a major constraint, while rejection rates for loan applications remain significantly higher for women than for men.
According to her, these challenges are often linked to structural issues such as gaps in asset ownership, social norms, and limited access to financial data and visibility.
Despite these barriers, she emphasised that the opportunity is significant.
“Sterling’s OneWoman initiative is positioned to bridge this gap by combining financial solutions, mentorship, capacity building, and community support for women across different stages of their journey,” she said.
She added that in 2025 alone, the initiative gave out N43.9 billion loans to 2,450 female entrepreneurs, trained 6,000 of them, served about 380,000 women across three sectors of career women, women in business and freshers and their vision 2030 is to give out N500 billion loans to one million women across their three sectors.
Also speaking, Akporee Idenedo, Divisional Head of Commercial Banking, reaffirmed the bank’s commitment to addressing the concerns raised during the dialogue. He stressed that building skills and strengthening capacity will remain essential to creating a sustainable ecosystem for women entrepreneurs.
The Funding Her Future Breakfast Dialogue forms part of Sterling Bank’s broader effort to deepen its support for women through targeted financing, enterprise development, and community driven growth.
Through OneWoman, the bank continues to build platforms and solutions that empower women to grow sustainable businesses, create jobs, and contribute more meaningfully to economic progress.
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